Sage Intacct was the answer. Today, we have a four-day close, an 83% reduction from five years ago. We’ve modernized our accounts payable function through a direct connection with Bill.com, improved our corporate credit card process through a direct connection with Tallie, automated approximately 60 bank reconciliations through Intacct, enhanced reporting by building reports and dashboards, and implemented Sage Intacct Planning, which has greatly enhanced and streamlined our budgeting and forecasting process. By adding efficiency and internal controls into our day-to-day, we have not only increased our accuracy, but also saved the company money. Our leadership trusts the financial results that we share monthly, which is invaluable. The team of nine, a 40% reduction from five years ago and a savings of $545K annually, works little to no overtime, is current with their workload, is happy and working on projects galore with their free time and adding value to the company. The work described above was all done prior to 12 months ago, when the Finance team embarked on one of the biggest projects to date . . . a contribution margin analysis. Contribution margin allowed us to individually measure the ability of each product’s revenue to exceed its associated variable and fixed costs. We needed to determine how each of our products impacted company profitability so that decisions around those products could turn around years of unprofitable results. The initial contribution margin created was done back in 2019 with Excel, and it was difficult to update and prone to error. By using Sage Intacct, we modernized contribution margin by using new dimensions, account groups and custom fields to create dimension groups for our revenue entries (now done via API), implemented dynamic allocations to allocate service and acquisition costs across the revenue streams by using statistical accounts, and built dashboards and reporting that is available at a click of a button. As soon as our four-day close is complete, we have now achieved with the use of Sage Intacct a contribution margin that gives us a profitability by product, by channel, by agent, etc. We went from having contribution margin one time per year, to having it monthly with no effort.
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